BANGKOK: A coalition comprising 45 countries has committed to raising $12 billion for the conservation and restoration of coral reefs, which are facing severe threats from climate change. The initiative, known as the “Coral Reef Breakthrough,” was unveiled by a consortium of nations responsible for approximately 75% of the world’s coral reefs.
Key components of the plan include doubling the area of protected coral reefs, currently estimated at around 60,000 square kilometers (23,000 square miles), and restoring an additional 10,500 square kilometers. The International Coral Reef Initiative, which introduced the initiative, aims to secure $12 billion in investments from both public and private sources by 2030. These funds will support more effective coral reef management, encompassing water quality control, coastal management, and local and regional regulations.
Despite the significant financial commitment, it falls short of the estimated $174.5 billion needed annually, as per a 2020 study, to adequately fund ocean conservation efforts on a global scale. Experts suggest that while the initiative is vital, judicious use of the $12 billion is essential since coral reef restoration on the scale required to save them from climate change-induced decline will be immensely expensive.
Climate Change Main Factor in Coral Reef Loss
Climate change is identified as the primary driver of coral reef loss, making initiatives to reduce fossil fuel consumption critical for their preservation. Coral reefs worldwide are currently under severe stress due to unusually warm ocean temperatures, causing marine heatwaves and increasing the frequency and intensity of coral bleaching events. Oceans have absorbed 90% of the excess heat generated by human activities, primarily from the burning of fossil fuels, which continues to accumulate as greenhouse gas levels rise.
Warmer waters can lead to stressed corals expelling their symbiotic algae, resulting in bleaching and potentially death if temperatures remain high. This poses a significant threat to ecosystems relying on coral reefs. Mass bleaching events have already been reported this year in Florida, raising concerns of more severe events, particularly due to the El Niño seasonal weather pattern, which is often linked to coral bleaching.
